King: ‘Set up independent group' to combat pensions crisis; Pension minister moves to speed up state pension reform; Pension deficits plummet as stocks strengthen; Nish tipped for finance post at Standard Life

FURTHER "RADICAL" simplification to the state pension system is being considered by the government, James Purnell says.

US - Stuart Levine, former trustee of the Illinois Teachers' Retirement System (TRS), could be sentenced to a jail term of five years and seven months after pleading guilty to extorting hundreds of thousands of dollars in kickback schemes.

AUSTRALIA - The acquisition of investment consultant Intech by superannuation provider Skandia will spawn one of the largest Australian multi-managers with over AUS$13bn in combined funds under management.

RUSSIA - Russian energy giant Gazprom has approved a deal to sell a 24.8% stake in Gazprombank to non-state pension fund Gazfond.

FAVOURABLE INVESTMENT markets have reduced pension fund deficits of the UK's largest listed companies to their second lowest level in the last four years, latest research by Watson Wyatt reveals.

UK - Aegon said it expected to close its first pensions buy-out deal by the first quarter of 2007, having recently announced plans to move into the space as of Monday next week.

Interest rates need to rise twice to tackle inflation; Britons falling £87bn short in retirement savings; China seeks West's help in pension crisis; Pensions overhaul gives Aviva a boost

AEGON is to offer schemes a new funding solution that combines traditional investments and deferred annuities.

Germany- The Conservatives and Social Democrats have proposed lowering the value of state pensions as well as increasing the retirement age and the statutory contribution.